Crypto Whale Profits From TRUMP Memecoin
- WBOYOriginal
- 2024-07-17 03:42:49407browse
The Trump-inspired tokens surged around 40% following Donald Trump's assassination attempt. As a result, PolitiFi tokens closed the week
A crypto whale has made millions from a Trump-inspired memecoin, on-chain data reveals.
An address, which was earlier suspected to belong to renowned crypto trader GCR but was later confirmed not to be his, made the gains from TRUMP memecoin.
The crypto whale in question deposited all their TRUMP holdings on the crypto exchange BTSE. An analysis of the wallet’s transactions shows that the whale bought 1.08 million TRUMP between November 22 and December 4, 2023.
The address acquired the tokens at an average price of $0.5, spending $540,000 for the memecoin. Seemingly, the whale made $8.85 million from the tokens, $8.3 million of which were profits.
Another crypto whale wallet, which is suspected to be owned by GCR, also has a large amount of the Trump-inspired memecoin.
The second address has $6.5 million in unrealized profits from TRUMP, according to on-chain data.
The whale wallet tagged “GCR: Address 1” spent over $700,000 to buy 936,279 TRUMP. The address bought the tokens at an average of $0.75 between December 8, 2023, and January 18, 2024.
At the time of writing, the whale’s holdings were valued at around $7.23 million. It hasn’t been confirmed if this address is linked to the renowned crypto trader.
Over the weekend, former US President Donald Trump survived an assassination attempt. The Republican Presidential Candidate got shot in the ear during a campaign rally in Butner, Pennsylvania.
Following the news, PolitiFi tokens surged over 30%. DeFi creator and analyst Jake Pahor shared that the PolitiFi sector outperformed most categories over the weekend.
Pahor cited DeFiLlama data, revealing that PolitiFi tokens rose 36.7% last week. The DeFi analyst also noted that “all categories outperformed Bitcoin over the past 7 days, possibly indicating a shift towards a risk-on environment.”
Before the failed Trump assassination attempt, Trump-inspired memecoins saw a pump. The tokens surged after the former US President was announced as a keynote speaker at the Bitcoin 2024 Conference on July 27.
TRUMP’s price went from $5.74 to $6.54 after the news. This performance represented a 15% and 39.5% surge in the daily and weekly timeframes. Since then, the biggest Trump-themed memecoin has seen a 35% rise, fueled by the most recent incident.
Following the assassination attempt, the token went from the $6.3 price range to the $9.51 mark, increasing by over 50% in twelve hours. On Sunday, the memecoin hovered between the $7.3-$7.9 price range, starting the week trading at $7.47.
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